Cosco posts 46% fall in Q3 net profit to S$1.2m on higher operating costs

For the period, earnings per share was 0.25 Singapore cent, lower than the 0.33 cent in the previous year.

In its outlook, the group said it aims to expand its logistics network in South and South-east Asia through acquisitions and investments, and continues to explore potential targets to acquire and seek investment opportunities. Its expansion plans in Malaysia, announced earlier, are"progressing". On Tuesday, Gu Jing Song, who had been Cosco's non-independent executive director and board chairman, resigned, just months after becoming chairman of the board in August.

Cosco said it was part of its holding company's policy to rotate"key management talents" among its business units, but did not say where Mr Gu would go. Another non-independent executive director, Zhu Jiandong, will take his place from Nov 13.

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